Q-Free: Tolling ALPR contract in the US – 26 MNOK

Conduent Transportation LLC has selected Q-Free’s Intrada® Insight video toll license plate image processing system to provide member agencies of the New York E-ZPass™ group with Q-Free’s automated image review (AIR) and manual image review (MIR) application software. The base contract is for six years with extension options. The contract has a minimum value of 26 MNOK and a maximum value of 48 MNOK if options are exercised by Conduent. The Insight system is required to process up to 200 million video-based license plate transactions per year with 99.95% accuracy and read automation rate. The revenue for this contract will mostly be recognized as recurring revenue starting early 2024.

-This contract represents another key win for us in the growing tolling market in the USA. It demonstrates Q-Free’s global leadership in ALPR and image review technology, and also builds our recurring revenue base, says Thale Kuvås Solberg, President & CEO of Q-Free ASA.

The Q-Free Intrada® Insight automated license plate reading application delivers predictable 24/7-performance with high accuracy automated machine vision and integrated human review plate read resulting in low-error rate plate reading for video toll revenue collection. The system applies advanced network learning and machine image processing technologies along with innovative manual image review processes to efficiently automate plate reads – especially complex U.S. license plates - across any size toll network. The system improves revenue collection, creates operating cost efficiencies, and reduces errors – in particular with respect to toll client billing errors.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA, on 07 June 2023 at 08:50 CET.

For further information, please contact:

Thale Kuvås Solberg, President & CEO, +47 936 800 30

Trond Christensen CFO, +47 481 02 754

About Q-Free:

Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation systems that improve traffic flow, road safety, and air quality. With an open, collaborative approach to tolling, traffic and active transportation management, Q-Free works with customers and partners on every continent to digitize infrastructure and overcome modern mobility challenges for the greater good of society. Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately NOK 900 million and employs approximately 350 transportation innovators, experts, and enthusiasts. To learn more about how Q-Free is "changing the movements of life", visit www.q-free.com or Twitter:@Q-FreeASA

Tags: